Corporate crypto buyers have pulled back sharply since the October 10 market crash, signaling a broader wave of caution among firms that once anchored institutional demand for Bitcoin and Ether.
David Duong, Coinbase’s head of institutional research, noted that digital-asset treasury (DAT) companies, firms that hold large reserves of Bitcoin and Ether as part of their balance sheets, have “largely ghosted the post-Oct 10 drawdown and are yet to re-engage.”
According to Duong, Bitcoin purchases by these treasuries have dropped to near year-to-date lows, with little sign of recovery even during short-term price rebounds. “Over the last two weeks, BTC buying by DATs fell to near year-to-date lows and has not meaningfully recovered, even on green days,” he wrote on Sunday.
Confidence cools as valuations compress
The pullback reflects a cautious mood among corporate crypto holders, many of whom are now trading close to the value of the assets they hold. The steep rallies seen earlier this year have cooled, and with them, the willingness of firms to expand their exposure.
Bitcoin plunged about 9% between October 10 and 11, falling from roughly $121,500 to below $110,500. Prices dipped again this month to just under $105,000 before stabilizing around $114,000. Ether mirrored the decline, dropping 15% to $3,686 before recovering to just above $4,100.
For treasury managers who mark assets to market, those drawdowns can translate directly into paper losses, tightening their room for additional purchases. “These firms are usually heavy hitters with deep pockets,” Duong observed, “but their pullback since Oct 10 signals limited confidence on their part.”
BitMine breaks the trend
One major exception is BitMine Immersion Technologies, an Ether-focused treasury that has continued buying aggressively through the downturn. Duong said BitMine has spent over $1.9 billion since October 10 to acquire nearly 483,000 ETH, enough to offset the slowdown among other institutional players and keep seven-day aggregate Ether purchases in positive territory.
“BitMine’s buying, alongside smaller contributions from other funds, has buoyed total ETH treasury inflows,” Duong noted.
Still, he cautioned that the market’s tone could shift quickly if the firm eases its purchases. “If the company slows or pauses, we worry that the apparent corporate bid could fade.”
What the pause reveals about the post-crash market
Even as some crypto treasuries slowed their activity after the October market drop, companies keep adding Bitcoin to their balance sheets. Between July and September 2025, the number of publicly traded firms holding BTC rose 38%, reaching 172, with 48 new entrants. Combined, these companies now control more than one million BTC, valued at around $117 billion, nearly 5% of the total supply.
Many of these firms buy Bitcoin quietly over-the-counter to avoid moving the market while steadily building their holdings. Major players like Strategy and MARA Holdings continued increasing their reserves, showing that they are committed to Bitcoin as part of their long-term treasury strategy.
Daily purchases by businesses currently outpace new supply from miners, creating a shortage that could push market prices higher if it continues. At the same time, inflows into U.S. spot Bitcoin ETFs remain strong, giving traditional investors a regulated way to gain exposure. Without consistent treasury accumulation, price recoveries could rely more heavily on retail flows or macro-driven momentum.
Duong framed the situation as a call for prudence. “We think this warrants more cautious positioning in the short term,” he said, noting that the leverage unwinding earlier this month has left even seasoned participants more risk-averse.
Gunel Ismayilova
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